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EVENT:
Swiss banking group UBS on August 19 agreed to disclose the identities of 4,450 US account holders to the Internal Revenue Service (IRS).
SIGNIFICANCE:
By making the agreement, Switzerland has assented to a de facto weakening of its banking secrecy laws, overturning long-standing traditions.
Word Count (approx): 1180
Headings
- Multilateral initiatives
- Significance overstated?
- Multilateral imperative
- Clumsy structure
- Further initiatives
- Individual compliance
- Offshore finance
Primary Keywords: INT, International, OECD, Switzerland, United States, economy, international relations, banking, finance, fiscal, reform, regulation
Secondary Keywords: Costa Rica, France, Germany, Malaysia, Philippines, United Kingdom, Uruguay
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